In its second-largest acquisition, Amazon buys the company for $970 million.
PocketCard Inc., an issuer of sponsored offline Visa debit cards for teens, has signed a deal to become the preferred payment mechanism for New York City-based Alloy Online Inc., an Internet community site and catalog provider to teens. The agreement, which runs for one year with a two-year renewal option, will make PocketCard the first payment option listed in Alloy's drop-down menu. In addition, "we're currently in discussions with them about a cobranded card," said Gurnee, Ill.-based PocketCard's Chief Business Officer Bill Athenson at Faulkner & Gray's E-Card 2000 Conference in San Francisco. PocketCard requires a parent or other adult sponsor to transfer funds to the card from an authorized bank account. The issuer launched its cards in 1999.